Tesco HY Pre-tax Profit Rises; Appoints Tate & Lyle Executive Imran Nawaz As CFO

British retailer Tesco plc. (TSCO.L,TSCDY.PK) reported that its profit before tax for the first-half of 2020/21 rose 28.7 percent to 551 million pounds from last year’s 428 million pounds.

Tesco has appointed Tate & Lyle Plc.’s (TATE.L,TATYY.PK) Imran Nawaz as its chief financial officer. Tesco plans to return 5.0 billion pounds to shareholders through a special dividend.

Tesco’s profit attributable to owners of the parent for the period was 460 million pounds or 4.71 pence per share, up from 324 million pounds or 3.31 pence per share in the prior year.

Adjusted earnings per share were 5.75 pence compared to 6.85 pence in the prior year.

Operating profit was 1.01 billion pounds, down 4.5 percent from 1.05 billion pounds in the previous year.

Revenue increased 0.7 percent to 28.7 billion pounds from 28.5 billion pounds in the prior year.

Tesco has declared an interim dividend of 3.20 pence per ordinary share, 20.8% higher year-on-year. The interim dividend will be paid on 27 November 2020 to shareholders who are on the register of members at close of business on 16 October 2020.

The company expects a broadly even balance to the year in terms of the first-half/the second-half retail profitability.

Tesco now expects retail operating profit in the current year to be at least the same level as 2019/20 on a continuing operations basis.

The company continues to expect to report a loss for the Bank of between 175 million pounds and 200 million pounds for the 2020/21 financial year.

In a separate press release, Tesco said that Imran Nawaz will join the Board as chief financial officer in April 2021.

Tesco said in June that Alan Stewart decided to retire as chief financial officer, and leave the company on 30 April 2021.

Meanwhile, Tate & Lyle confirmed Wednesday that its Chief Financial Officer, Imran Nawaz, has decided to leave the company to take up the position of Chief Financial Officer of Tesco. Nawaz will remain with Tate & Lyle until April 2021 to close out the current financial year and support an orderly transition.

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